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Use the following to answer the questions below.
The Steele Bike Company has completed a total cost analysis for two suppliers of bicycle frames to support their business. They also consider on-time speed, top quality and customization in their selection process. Each criterion is given a weight (total = 100 points) , and each supplier is scored on each criterion (1 = poor, 10 = excellent) . The data are shown in the following table.
-Refer to the instruction above. Using the preference matrix (total weighted score) approach for selecting suppliers, which supplier should Steele select?
Correlation Coefficients
Correlation coefficients are statistical measures that describe the extent to which two variables change together, indicating the strength and direction of a relationship.
Predictability
The extent to which future events or outcomes are known or can be forecasted, often based on analysis of available data or patterns.
Variable
Any factor, trait, or condition that can exist in differing amounts or types and can influence the outcome of scientific research or experiments.
Sampling Bias
A bias in which certain members of a population have a higher likelihood of being included in the sample over others, leading to a non-representative sample.
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